System and methods for disclosing transaction information to customers

ABSTRACT

A method of disclosing transaction information to customers includes receiving at a host computer system a file comprising processing information. The processing information comprises a plurality of transaction categories and fee information associated with each transaction category. The method also includes receiving a message from a point-of-sale device requesting the fee information associated with at least one particular transaction category relating to a transaction with a customer and sending from the host computer system an electronic message comprising the fee information. The method further comprises displaying transaction information relating to the electronic message at the point-of-sale device and providing the customer the opportunity to cancel the transaction. The transaction may involve an exchange between at least two different forms of value.

CROSS-REFERENCES TO RELATED APPLICATIONS

This application is a continuation of, and claims the benefit of,co-pending, commonly assigned U.S. patent application Ser. No.10/890,821, filed Jul. 13, 2004, entitled, “SYSTEM AND METHODS FORDISCLOSING TRANSACTION INFORMATION TO CUSTOMERS,” the entire disclosureof which is herein incorporated by reference for all purposes. U.S.patent application Ser. No. 10/890,821 is a continuation-in-part of, andclaims the benefit of, co-pending, commonly-assigned U.S. patentapplication Ser. No. 10/394,603 (now U.S. Pat. No. 6,761,311, issued onJul. 13, 2004) entitled, “SYSTEM AND METHODS FOR DISCLOSING TRANSACTIONINFORMATION TO CUSTOMERS” filed on Mar. 21, 2003, by Algiene, et al.,the entire disclosure of which is herein incorporated for all purposes.

This application is related to Provisional U.S. Patent Application Ser.No. 60/147,899, entitled, “INTEGRATED POINT OF SALE DEVICE” (AttorneyDocket No. 020375-002400US), filed on Aug. 9, 1999, by Randy Templeton,et al., and to commonly assigned U.S. patent application Ser. No.09/634,901 (now U.S. Pat. No. 6,547,132), entitled, “POINT OF SALEPAYMENT TERMINAL” (Attorney Docket No. 020375-002410US), filed on Aug.9, 2000, by Randy Templeton, et al., and to co-pending, commonlyassigned U.S. patent application Ser. No. 10/116,689, entitled, “SYSTEMSAND METHODS FOR PERFORMING TRANSACTIONS AT A POINT-OF-SALE DEVICE”(Attorney Docket No. 020375-002411US), filed on Apr. 3, 2002, by EarneyStoutenburg, et al., and to co-pending, commonly assigned U.S. patentapplication Ser. No. 10/116,733, entitled, “SYSTEMS AND METHODS FORDEPLOYING A POINT-OF-SALE SYSTEM” (Attorney Docket No. 020375-002412US),filed on Apr. 3, 2002, by Earney Stoutenburg, et al., and to co-pending,commonly assigned U.S. patent application Ser. No. 10/116,686, entitled,“SYSTEMS AND METHODS FOR UTILIZING A POINT-OF-SALE SYSTEM” (AttorneyDocket No. 020375-002413US), filed on Apr. 3, 2002, by EarneyStoutenburg, et al., and to co-pending, commonly assigned U.S. patentapplication Ser. No. 10/116,735, entitled, “SYSTEMS AND METHODS FORCONFIGURING A POINT-OF-SALE SYSTEM” (Attorney Docket No.020375-002414US), filed on Apr. 3, 2002, by Earney Stoutenburg, whichapplications are incorporated herein by reference in their entirety forall purposes.

BACKGROUND OF THE INVENTION

This invention relates generally to financial transactions. Thisinvention relates more specifically to systems and methods fordisclosing transaction fees and exchange rate information to customersprior to consummation of a financial transaction.

For a variety of reasons, merchants, money transfer service providers,currency exchange service providers, and many others wish to disclose totheir customers information relating to the fees and exchange ratesassociated with services each provides. For example, money transferservice providers may complete wire transfers of money, or other unitsof value, for their customers. In some cases, the funds are intended tobe disbursed to the recipient in a currency or value unit other thanthat which the sender deposited. In return for providing the service,the money transfer service provider may charge its customers.Additionally, the provider may exchange the funds at an exchange ratedifferent from the rate at which the provider acquired the funds. Forexample, the third party money transfer service provider might charge afee for the wire transfer and also derive revenue from exchanging thevalue from one form to another. The wire transfer fee might be a flatfee, while the exchange rate revenue might be based on a differencebetween a wholesale exchange rate and a retail exchange rate. In bothcases, the third party service provider may wish to disclose the feeand/or exchange rate information to customers prior to completion oftransactions.

Exchange rates may fluctuate daily, hourly, or even more frequently involatile economic conditions. It may not be practical to disseminate toall potential points of sale the exchange rates between all forms ofvalue each time the rates change. Thus, systems and methods are neededfor providing fee and exchange rate information to customers at a pointof sale prior to consummation of transactions.

BRIEF SUMMARY OF THE INVENTION

Embodiments of the present invention thus provide a method of disclosingto customers transaction information. The method includes receiving at ahost computer system a file comprising processing information. Theprocessing information comprises a plurality of transaction categoriesand fee information associated with each transaction category. Themethod also includes receiving a message from a point-of-sale devicerequesting the fee information associated with at least one particulartransaction category relating to a transaction with a customer andsending from the host computer system an electronic message comprisingthe fee information. The method also may include displaying transactioninformation relating to the electronic message at the point-of-saledevice and providing the customer the opportunity to cancel thetransaction. The transaction may involve an exchange between at leasttwo different forms of value. In some embodiments, the transactioninformation comprises a fee. The processing information may include anexchange rate between the at least two different forms of value. Themethod may include receiving a message from a point-of-sale devicerequesting the exchange rate between the at least two different forms ofvalue and sending from the host computer system an electronic messagecomprising the exchange rate. The transaction information may includethe exchange rate. The transaction information also may include amessage that funds are acquired at a first exchange rate and sold at asecond exchange rate. The first exchange rate may be a wholesaleexchange rate and the second exchange rate may be a retail exchangerate. The first exchange rate may be a published exchange rate, and thesecond exchange rate may be an offered exchange rate. The transactionmay include a money order purchase, a money order redemption, a wiretransfer, a merchandise purchase, or the like.

In other embodiments, a method of disclosing to customers transactioninformation relating to transactions includes receiving at apoint-of-sale device transaction parameters relating to a transactionwith a customer and transmitting from the point-of-sale device to a hostcomputer a request for transaction information associated with thetransaction. The method also includes receiving the transactioninformation and displaying the transaction information to the customer.The method also includes providing the customer an opportunity tocomplete or abort the transaction based on the transaction information.Other embodiments may include receiving an input to abort thetransaction. Displaying the transaction information to the customer mayinclude displaying an exchange rate based on the transaction parameters.The transaction information may include a notice that currency ispurchased at wholesale and sold at retail. Providing the customer theopportunity to cancel the transaction may include displaying an accepticon, in which case the method may include receiving a selection from acustomer. The method also may include timing out the transaction in theabsence of a selection from a customer. The method also may includedisplaying a selection screen on the point-of-sale device relating tosending a notification to a recipient, receiving a selection from thecustomer, and transmitting a notification to the recipient.

In still other embodiments, a system for providing transactioninformation to customers includes a point-of-sale device and aninterface between the point-of-sale device and an exchange ratedatabase. The point-of-sale device is programmed to receive transactionparameters relating to a transaction with a customer, acquire exchangerate information from the exchange rate database based on thetransaction parameters, display transaction information, and provide thecustomer an opportunity to abort the transaction. The transactioninformation may include the exchange rate. The transaction informationmay include a message that funds are acquired at a first exchange rateand sold at a second exchange rate. The first exchange rate may be apublished exchange rate and the second exchange rate may be an offeredexchange rate.

In still other embodiments, a method of transferring value includesreceiving a value transfer request from a sender at a first transferlocation, receiving transaction cost information relating to the requestfrom a transaction cost database, displaying the transaction costinformation to the sender, thereafter receiving a request to receive thevalue from a recipient at a second transfer location, and displaying thetransaction cost information to the recipient. Based on a response fromthe recipient, the value is provided to the recipient. The firsttransaction location may include a personal computer, an unmannedtransaction terminal, a multi-purpose kiosk, an automated tellermachine, or a manned transaction terminal. The transaction costinformation displayed to the sender may include at least one transactionfee. The transaction cost information displayed to the sender mayinclude at least one estimate of revenue. The transaction costinformation displayed to the sender may include an effective exchangerate based on the value being transferred determined by combining anexchange rate with a transaction fee. The transaction cost informationdisplayed to the sender may include a plurality of exchange ratesbetween different forms of value. The exchange rates may relate toexchanges between different forms of currency. The method may includereceiving a selection from the sender from among the plurality ofexchange rates indicating a transaction exchange rate from a form ofvalue tendered by the recipient to a form of value to be received by therecipient. Displaying the transaction cost information to the sender mayinclude displaying a notification to the sender that the transactionexchange rate will be re-determined if the recipient has not receivedthe value within a specified period of time. The request to receive thevalue from the recipient may include a request to receive the value in adifferent form than selected by the sender. The method may includere-determining the transaction costs. The request to receive the valuefrom the recipient may include a request to receive the value in thesame form selected by the sender

Reference to the remaining portions of the specification, including thedrawings and claims, will realize other features and advantages of thepresent invention. Further features and advantages of the presentinvention, as well as the structure and operation of various embodimentsof the present invention, are described in detail below with respect tothe accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

A further understanding of the nature and advantages of the presentinvention may be realized by reference to the remaining portions of thespecification and the drawings wherein like reference numerals are usedthroughout the several drawings to refer to similar components.

FIG. 1 illustrates a system for disclosing transaction information tocustomers according to embodiments of the present invention.

FIG. 2 illustrates a method of disclosing transaction information tocustomers according to embodiments of the present invention.

FIG. 3 illustrates a method of notifying a recipient according toembodiments of the present invention.

FIG. 4 illustrates a value transfer method according to embodiments ofthe invention.

DETAILED DESCRIPTION OF THE INVENTION

The present invention relates to systems and methods for disclosing tocustomers certain fee and exchange rate information associated withtransactions. The present invention relates particularly to disclosinginformation associated with transactions that involve a currencyexchange, such as from U.S. dollars to a foreign currency; however, theinvention is certainly not limited to such transactions. The presentinvention also relates to transactions where a customer is charged a feerelating to the transaction, and the service provider desires todisclose the fee to the customer prior to consummation of thetransaction. Thus, herein “transaction” may refer to, but is not limitedto, any of the following: currency exchanges; purchases or exchangesusing credit cards, debit cards, or other value cards; wire transfers; apurchase or redemption of a money order or other negotiable instrument;a “value transfer” such as an exchange of airline miles for cell phoneminutes (as further described in co-pending, commonly assigned U.S.patent application Ser. No. 09/955,747, which application is hereinincorporated by reference in its entirety for all purposes); and thelike. Herein, such transactions take place at a “point of sale,” whichmay be, for example, a bank, a retail establishment, a multi-purposekiosk (as further described in co-pending, commonly assigned U.S. patentapplication Ser. No. 10/225,410, which application is incorporatedherein by reference in its entirety for all purposes), a serviceprovider location, such as a Western Union office, an automated tellermachine, a personal computer, and the like. A “point-of-sale device” maybe used to facilitate the transaction. Such devices are more fullyexplained in previously-incorporated U.S. patent application Ser. No.09/634,901, and include any interactive electronic device that may beused to facilitate transactions, as will be described. Herein,“provider” includes any entity that provides transaction services. Suchentities include, but are not limited to, banks, retail merchants, thirdparty money transfer service providers, and the like. Herein, “value”includes any asset form that may be expressed in units. For example,value includes, but is not limited to, all forms of currency, accountcredits, such as pre-paid long distance or cell phone time and movierental credits, customer loyalty points, such as airline miles or hotelpoints, and the like.

According to embodiments of the present invention, a customer desirousto complete a transaction presents himself to a provider, thusinitiating the transaction. For example, a person in the United Statesmay wish to wire transfer money to someone in another country. Theperson/customer holds the money in U.S. funds, but wants the recipientto receive the funds in the currency of the country where the recipientis located. Thus, the customer initiates a wire transfer at a retaillocation that serves as an outlet for a wire transfer service provider.Such providers are well-known, one example of which is Western Union ofGreenwood Village, Colo. The customer gives the provider transactionparameters necessary to complete the transaction, such as the amount ofmoney to be transferred, some identifying information about therecipient, and the general location where the recipient will receive thefunds. The provider enters information relating to the parameters into apoint-of-sale device. Prior to completion of the transaction, thepoint-of-sale device displays transaction information relating to thefee or fees the customer will incur if the transaction is completedand/or the exchange rate or rates applicable to the transaction. Forexample, the customer may incur a wire transfer fee of $7.00 based on a$750.00 transfer and an exchange rate of 1:0.945 between the two formsof currency (these figures being completely hypothetical). The customeris then provided the opportunity to accept or abort the transaction.

Continuing with this example, the wire transfer fee may be basedexclusively on the value of the transaction, in this case, $1.00 forevery $100.00 transferred. The exchange rate may be based on therelative value between the forms of currency. Because currency is acommodity, different buyers and sellers of a particular currency mayvalue the currency differently. Thus, determining an exchange ratespread for the transaction may be elusive. In some embodiments, theexchange rate is an offered exchange rate, representing the rate atwhich the provider is offering to “sell” units of the currency. It maybe the case that the provider acquired the currency at a lesser rate,such as a wholesale rate. Thus, the offered exchange rate may be a“retail” exchange rate. In any of these cases, the provider may wish todisclose the wholesale rate, as well as, the retail, or offered,exchange rate. In yet other embodiments, the wholesale exchange ratecannot be calculated in a meaningful way, in which case, instead of aspecific disclosure, the customer may be presented with a messagestating that the provider makes money when it purchases currency atwholesale and sells it at retail, or something similar. In either of theaforementioned embodiments, the customer thereafter may be given theopportunity to abort the transaction. Other examples of disclosingexchange rates are possible.

In some embodiments, the provider gives the sender an estimate ofrevenues. The estimate of revenues may include a plurality of differentexchange rates from which the sender may select one for the transaction.The selected exchange rate may have a predetermined time period duringwhich the exchange rate is valid and after which a receive transactionwith a recipient may require the exchange rate to be re-determined.Other examples are possible as will be explained in further detailhereinafter.

Having described embodiments of the present invention generally,attention is directed to FIG. 1, which illustrates a system 100 forproviding transaction information to customers. It is to be understoodthat the system 100 is presented for illustrative purposes only and manyother embodiments and equivalents are apparent to those skilled in theart in light of the disclosure herein. The system 100 includes a network102, an exchange rate database 104, and an exchange rate computer 106.The network 102 may be any of a wide variety of network configurations,such as, for example, an intranet or a portion of the Internet. Thenetwork 102 may be, for example, a local area network (LAN), a wide areanetwork (WAN), or the like. The exchange rate database 104 may be any ofa wide variety of storage devices, including, for example, magneticstorage systems, such as tape or disk, optical storage systems, such asCD or DVD systems, and solid state systems, such as RAM or ROM, and thelike. The exchange rate computer 106 may be any of a wide variety ofwell-known computing devices, including, for example, a personalcomputer, a workstation, a mainframe, a server, and the like. Theexchange rate database 104 and the exchange rate computer 106 may belocated apart from one another, as shown, or co-located. In fact, theexchange rate database 104 and the exchange rate computer 106 may beprovided as a single hardware item. In either case, other computers (notshown) in the system 100 also may function as the exchange rate computer106. Many additional computing and data collection platforms (not shown)may be connected with the system 100 and/or be comprised by portions ofit. For example, computers and databases may collect, store, and processtransactions relating to activity for which transaction information isdisclosed. Such platforms are more fully described in previouslyincorporated U.S. patent application Ser. No. 10/116,689.

The system 100 also includes one or more point-of-sale devices 108.Point-of-sale devices are more fully explained inpreviously-incorporated U.S. patent application Ser. No. 09/634,901.Using a point-of-sale device 108, a transaction service provider mayenable a customer to accomplish any of a wide variety of financialtransactions. Such transactions include, but are not limited to, thefollowing: purchases or exchanges using credit cards, debit cards, orother value cards; exchanges among various forms of value, such ascurrency and loyalty points; value transfers, such as a “wire transfer”of money, including transfers that involve an exchange between currencyforms; purchases and exchanges of negotiable instruments, such as moneyorders, including such transfers that involve an exchange betweencurrency forms; and the like. Interfaces 110 interconnect the network102 and the point-of-sale devices 108, the exchange rate database 104,and the exchange rate computer 106. The interfaces 110 are simply wiredor wireless transmission links providing the various system componentsthe ability to transmit information.

The system 100 also may include a host computer system 112. The hostcomputer system 112 may include, for example, server computers, personalcomputers, workstations, web servers, and/or other suitable computingdevices. The host computer system 112 includes application software thatprograms the host computer system 112 to perform one or more functionsaccording to the present invention. The host computer system 112 mayinclude one or more of the aforementioned computing devices, as well asstorage devices such as databases, disk drives, optical drives, and thelike. The storage devices may include solid state memory, such as RAM,ROM, PROM, and the like, magnetic memory, such as disc drives, tapestorage, and the like, and/or optical memory, such as DVD. The hostcomputer system 112 may be fully located within a single facility ordistributed geographically, in which case a network may be used tointegrate the host computer system 112.

Having described the general configuration for an exemplary,non-limiting system for providing transaction information to customers,a method 200 of providing transaction according to the present inventionwill be described with reference to FIG. 2. The method 200 may beimplemented in the system 100 of FIG. 1. According to the method 200,information is compiled at step 202. Compiling information may includeestablishing fees and exchange rates for transactions that may beperformed by any of the aforementioned providers. In some cases, thefees may be a flat fees, independent of the transaction amount. Forexample, if a provider wishes to charge $2.50 for a money order, thencompiling the information would include establishing a transactioncategory of “money order” and assigning a fee of $2.50 to the moneyorder transaction category. On the other hand, for variable feetransactions, further considerations are necessary.

If a provider wishes to establish a variable fee for a transaction, forinstance, $1.00 per $100.00 for a wire transfer, then compilinginformation at step 202 would include establishing a variabletransaction category. In some cases, such as the wire transfer fee, atstep 202, the provider would simple enter $1.00 per $100.00 as the feeassociated with a wire transfer. In some embodiments, this would resultin an incremental $1.00 fee based on the number of whole $100.00increments. However, if the provider wishes to charge 1%, then the feeportion of the information might include “1%,” in which case a $250.00transaction would result in a fee of $2.50, instead of $2.00, as wouldbe the case in the $1.00 per $100.00 example. Instill other embodiments,the fee may be a variable fee, such a “2% up to $50.00, then 0.5%thereafter.” Many other examples are possible, and those skilled in theart will realize how to implement such fee schedules so that theinformation may be used meaningfully according to the present invention.

In yet other embodiments, compiling the information may be morecomplicated, such as would be the case for exchanges between differentforms of currency or other forms of value. As explained previously,currency is a commodity, and different buyers and sellers of aparticular form of currency value it differently. Thus, a provider maybe updating regularly the information associated with various exchangerates. For example, a provider may wish to offer customers transactionsthat include an exchange of currency between U.S. dollars (USD) and Eurodollars. The information may include an offered exchange rate forexchanging U.S. dollars into Euro dollars. The offered exchange rate maybe a “retail” exchange rate. In either case, the offered exchange rateis the rate at which the provider is “selling” Euro dollars.Additionally, the information might include a “wholesale” exchange ratebetween U.S. dollars and Euro dollars. The wholesale exchange rate maybe the rate at which the provider most recently acquired Euro dollars.In some embodiments, the wholesale exchange rate is a published exchangerate, representing an exchange rate published by a well-known financialinformation source such as the Wall Street Journal or Bloomberg, whichmay represent the exchange rate from the previous day market close. Inyet other embodiments, no wholesale exchange rate is included.

The information may be compiled at a computer, such as the exchange ratecomputer 106, or other computing device, and saved at the exchange ratedatabase 104. Thus, the information may be accessed by point-of-saledevices 108 throughout the system 100.

At operation 204, transaction parameters are received at a point-of-saledevice. Transaction parameters may include, for example, the type oftransaction, the amount of the transaction, the various forms of valueinvolved in the transaction, a recipient, as would be the case for awire transfer, and the like. The transaction parameters may be receivedby a clerk associated with a provider and entered into the point-of-saledevice. In other embodiments, the information is received by thepoint-of-sale device directly from the customer. Other examples arepossible. Also at step 204, the point-of-sale device communicates withthe exchange rate database to obtain fee and exchange rate information.

At operation 206, any transaction information relating to thetransaction is calculated. This may include, for example, calculating afee based on a variable fee schedule as discussed previously withrespect to operation 202. Additionally, operation 206 includesdetermining the number of units of the target currency the recipientwill receive. This may be based on the retail exchange rate, aspreviously discussed.

At operation 208, the transaction information is presented to thecustomer. The transaction information may be displayed on apoint-of-sale device. In some embodiments, the transaction informationmay be printed on a receipt and provided to the customer in print. Thetransaction information may include any fee associated with thetransaction, including flat fees and variable fees. Additionally, thetransaction information may include any exchange rates applicable to thetransaction. In addition to the offered exchange rate, the wholesaleexchange rate may be included. As previously discussed, the wholesaleexchange rate may be the exchange rate at which the provider lastacquired the currency. In other embodiments, the wholesale rate may bethe exchange rate the provider is offering for the reverse transaction.In still other embodiments, only the offered exchange rate is provided.In such embodiments, the transaction information presented to thecustomer may include a message that the provider purchases currency atwholesale and offers currency at retail, or the like. In any of theabove embodiments, operation 208 also includes providing the customerthe opportunity to abort the transaction. Providing the customer anopportunity to abort the transaction may include displaying a selectionscreen on the point-of-sale device. The selection screen may includeicons or buttons that the customer selects to input his decision. Thebuttons may be mechanical buttons or electronic buttons, such as may bedisplayed on a touch screen, as is known in the art.

At operation 210, the customer's input to either accept or abort thetransaction is received. This may be accomplished, for example, by thecustomer selecting an icon or pushing a button. In some embodiments, theselection is entered by an agent of the provider when the customerverbally or otherwise indicates his selection. Depending on the input,the transaction is either canceled at operation 212, or completed atoperation 214. The transaction also may be canceled in the absence of aselection from a customer when the POS “times out” waiting for aselection as indicated by operation 216. Completing the transaction mayinvolve many of the aforementioned processes or others known to thoseskilled in the art.

Attention is directed to FIG. 3, which illustrates a method 300 ofnotifying a recipient according to embodiments of the present invention.The method 300 may begin, for example, after operation 210 of method200. Once a sender accepts a transaction at operation 302 (which may beoperation 210), at operation 304 the POS displays a selection screenrelating to sending a recipient notification. The selection screen mayask the customer if he desires to send a recipient notification. Theselection may ask if the customer wishes to send the notification bytelephone, email, message generator, or by other means. The selectionscreen may ask if the customer desires to send a notification by meanspreviously used by the sender to notify the recipient. This may involvethe POS accessing a host computer system to obtain information on howthe sender previously notified the recipient. Other examples arepossible. At operation 306, a notification is sent according to thesender's instructions.

FIG. 4 illustrates a specific embodiment of a method 400 of transferringvalue between parties. The method may 400 involve one or more exchangesamong different forms of value, including exchanges among currencies.The method may be implemented in the system 100 of FIG. 1 or in anothersuitable system. As with previously-described methods according toembodiments of the invention, the method 400 is not to be consideredlimiting. Methods according to other embodiments may include more,fewer, or different steps. Further, methods according to otherembodiments having the same steps may be traversed in orders differentthan that shown here. Many examples are possible.

The method 400 begins at block 402. At this location, a sender initiatesa transaction at a value transfer location by providing transactioninformation. The value transfer location may comprise any of theaforementioned point-of-sale devices, including, a money transferservice provider, a retail location, a personal computer, amulti-purpose kiosk, an automated teller machine, and the like. Thesender may provide the transaction information to an attendant or mayenter the information himself. The transaction information typicallyincludes an amount of value and a recipient identification. In someembodiments, the sender desires to deposit the value in one form andallow the recipient to receive the value in a different form. Thus,receiving the transaction information from the sender may comprisereceiving an indication from the sender that the transaction involves anexchange of value between different forms. The different forms may bedifferent currencies, different points, different credits, or anycombination of different forms of value.

At block 404, the sender is notified of the costs and/or fees relatingto the transfer. The notification may be on a display associated with apoint-of-sale device, on any type of printed media, or the like. Thenotification includes a disclosure of transaction costs associated withthe exchange between different forms of value and may include fixedfees, variable fees, exchange fees, and the like. In a specificembodiment, the notification includes transaction costs for a pluralityof different value exchange scenarios, which may or may not be from thesame base value. For example, the exchange rates each may involve anexchange from US currency into each of a plurality of other currencies.This provides the sender the opportunity to select a form of value inwhich the recipient may receive the value or informs the sender of thetransaction costs for each of a plurality of options in which therecipient may choose to receive the value. Because exchange ratesfluctuate, however, the disclosure may include a notification that thedisclosed exchange rates apply only if the recipient receives the valuewithin a specified time.

The transaction costs disclosure may take any of a number of forms. Inaddition to those previously described, the transaction costs mayinclude an estimate of revenues. The estimate of revenues may be basedon a spread between a wholesale exchange rate and a retail exchangerate, or an acquisition exchange rate and an offered exchange rate, orthe like. The transaction costs may comprise an index that factors intothe exchange rate any fixed fees or variable fees based on the amount ofvalue being transferred. Thus, the transaction costs may include one ormore effective exchange rates. Many other examples are possible andapparent to those skilled in the art in light of this disclosure.

At block 406, the sender provides a response to the notificationprovided at block 404. The response may comprise a selection to abortthe transaction. The response may comprise a selection of an exchangerate. The response also may comprise an election to complete thetransaction and allow the recipient to select the form of value in whichto receive the value. Many other examples are possible. The effect ofthe selection may be to “lock” the exchange rate for the recipient. Thelock may force the recipient to receive the value on the form selectedby the sender. The lock may establish exchange rates for any of severalforms of value, any of which will be honored if the recipient receivesthe value within a predetermined period of time.

At block 408, the sender transaction is completed. This may comprisereceiving the value from the sender and providing information to a hostcomputer system to establish a transaction record.

At block 410, a recipient requests to receive the value by providingtransaction information to a transaction location, which may be any ofthe aforementioned transaction locations and may include any of thepreviously-described point-of-sale devices. At block 412, a notificationis provided to the recipient that includes the transaction costs. Thetransaction costs may be displayed on a display associated with apoint-of-sale device, provided on paper media, or the like. Thetransaction costs may be the same costs displayed to the sender.Especially if the recipient has not received the funds by the expirationof the predetermined amount of time, the transaction costs may bedifferent than those provided to the sender. This also may be the caseif the recipient elects to receive the value in a different form thatwhat may have been selected by the sender. Many such examples arepossible.

At block 414, the recipient provides a response to the notification. Theresponse may be to complete the transaction using an exchange rateselected by the sender, abort the transaction, select a differentexchange rate, or the like. The recipient also may direct thetransaction to be settled by providing the value to an account of therecipient. Many other examples are possible.

At block 416, the transaction is completed by tendering value to therecipient and sending information to the host computer system. If therecipient selected a different form of value, then the amount of valueto be provided to the recipient may be recalculated. Those skilled inthe art will appreciate a number of variations and equivalents relatingto the method 400 in light of this disclosure.

Having described several embodiments, it will be recognized by those ofskill in the art that various modifications, alternative constructions,and equivalents may be used without departing from the spirit of theinvention. Additionally, a number of well known processes and elementshave not been described in order to avoid unnecessarily obscuring thepresent invention. For example, those skilled in the art know how toarrange computers into a network and enable communication among thecomputers. Additionally, those skilled in the art will realize that thepresent invention is not limited to presenting financial statementsrelating to the use of credit services. For example, the presentinvention may be used to present utility bills, phone bills, mortgagestatements, brokerage account statements, and the like. Accordingly, theabove description should not be taken as limiting the scope of theinvention, which is defined in the following claims.

1. A method of disclosing to customers transaction information, themethod comprising: receiving at a host computer system a file comprisingprocessing information, wherein the processing information comprises aplurality of transaction categories and fee information associated witheach transaction category; receiving a message from a point-of-saledevice requesting the fee information associated with at least oneparticular transaction category relating to a transaction with acustomer; sending from the host computer system an electronic messagecomprising the fee information; and displaying transaction informationrelating to the electronic message at the point-of-sale device; whereinthe transaction involves an exchange between at least two differentforms of value and wherein the transaction information further comprisesa message that funds are acquired at a first exchange rate and sold at asecond exchange rate. 2.-45. (canceled)